Charitable Trusts

Charitable Trusts

Estate Planning Attorney in Las Vegas

In a charitable trust, the property remains technically owned by the donor
but the recipient keeps possession and control over it. A charity is the
trustee who is free to use the money for any reason explained in the trust
agreement, which is usually towards advancing the organization’s
charitable mission. If you are considering forming a charitable trust,
speak with a reliable Las Vegas
estate planning attorney from our firm to help you set up a
trust that accurately reflects your wishes.

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A charitable trust is an admirable means of contributing to the community
while being a good way of reducing both income and estate taxes for the
Trustmaker. Substantial gifts to charity can reduce the taxes the rest
of your estate is subjected to when you die.

You can choose two different sets of beneficiaries for your cheatable trust:

Friends and family members

Charities or foundations of your choosing

The IRS

It should be noted that there is no FDIC protection or government guarantee
on charitable gift annuities, meaning if the charitable institution runs
out of money and files for bankruptcy, you will lose out on any future
annuity payments.

Types of Charitable Trusts & Gifting

A charitable lead annuity trust gives you a means of making a large gift
to charity, getting a tax break, and eventually leaving assets to family
members. You can also set up a charitable remainder trust and transfer
to it the property you want to donate to a charity. The charity, however,
must have tax-exempt status according to the Internal Revenue Code.

The charity can serve as a trustee of the trust and manages or invests
the property so it will produce income for you, and at your death, the
property goes to the charity. Pooled income charitable trusts are another
option which allow a charity to set up the trust and then accept donations
which are much smaller than a trust founded by an individual.

Gifting to a charity needs to be done according to certain regulations
and our Las Vegas estate planning lawyer is ready to help you in this process.